Making the life of account holders easier, EPFO has now started the facility of automatic transfer. Now, on changing jobs, you will not have to make a separate request to transfer PF balance. It will be transferred automatically. Let us know when this facility is being started.
If you are employed then you will definitely have an EPFO account, in such a situation this news can prove to be useful for you. In fact, whenever you change jobs, you have to struggle to transfer your EPFO balance along with it. Many times EPFO balance could not be transferred for months. But this will not happen now. Now EPFO account holders will not need to request for PF transfer manually on changing jobs. EPFO has started the facility of automatic fund transfer. This facility has started being available from 1st April. Earlier, despite having Universal Account Number (UAN), people had to submit a request for PF transfer, but now this will not happen.
Balance will be transferred automatically
Now employed people can search for a new job without worrying about this hassle. On changing new job, the money in the EPF account will be automatically transferred. Let us tell you that employees have to keep 12 percent of their salary in EPF. Besides, the employer also has to deposit equal amount in the EPF account on behalf of the employee.
Why is UAN necessary for online transfer of PF?
Universal Account Number (UAN) acts as a centralized platform for multiple member IDs issued to an individual by multiple different employers. It provides the facility to link multiple EPF accounts (member IDs) to a single member.
UAN provides many types of services
UAN provides a variety of services. Which includes UAN card, an updated PF passbook with all transfer-in details, ability to link previous members’ PF ID with the current PF ID, monthly SMS notifications regarding credit of contributions.